Personal Finance

Helping Parent pay mortgage, any tax credit?

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  • Feb 24th, 2012 3:04 am
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Deal Addict
Nov 28, 2008
1352 posts
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Helping Parent pay mortgage, any tax credit?

Asking all RFD Tax gurus, can I claim something in this situation? Paying father's full mortgage payment every month...
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Dec 1, 2011
2427 posts
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Winnipeg
mtl514 wrote: Asking all RFD Tax gurus, can I claim something in this situation? Paying father's full mortgage payment every month...

You cannot claim a tax credit on mortgage payments period. Only rent.
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Oct 24, 2011
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Timmins
No more tax credits on rent or prop tax paid on your principal residence in Ontario. Instead, you input the rent or prop tax you paid and you will see your rebate once a month starting in July 2012 (assuming you qualify).

If you are paying someone else's rent or prop tax, you still cannot use it on your tax return because it is not your principal residence. Mortgage payments never were eligible for a credit or deduction period.

Just noticed the OP is from Mtl. Don't know anything about the QC provincial return
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Jan 27, 2007
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T.
mtl514 wrote: Asking all RFD Tax gurus, can I claim something in this situation? Paying father's full mortgage payment every month...

No.
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Deal Expert
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Jun 14, 2003
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mtl514 wrote: Asking all RFD Tax gurus, can I claim something in this situation? Paying father's full mortgage payment every month...

If your father has no income and your own income is not that high and you do live with him, don't pay the mortgage. Rent your room from your father and pay him the rent. Let him pay the mortgage. Claim tax credit from your rent.
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Nov 2, 2003
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if they live with you, you can claim dependent credit.

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